LPR连续6个月保持不变：年内利率还会下降吗

Core Viewpoint - The latest Loan Prime Rate (LPR) remains unchanged, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, consistent with previous values, indicating stability in the monetary policy environment [1][3][4]. Group 1: LPR and Market Reactions - The LPR has not changed for six consecutive months since a 10 basis point drop in May 2025, reflecting a stable lending rate environment [4]. - The People's Bank of China (PBOC) conducted a 300 billion yuan reverse repurchase operation with a fixed rate of 1.4%, indicating efforts to maintain market liquidity [3]. - The Shanghai Interbank Offered Rate (Shibor) showed a downward trend in most tenors, with the overnight Shibor down by 5.6 basis points to 1.364% [3]. Group 2: Economic Context and Future Outlook - The stability of the LPR is attributed to a strong macroeconomic performance driven by unexpected export growth and rapid development in new productive sectors, leading to a decrease in the need for counter-cyclical adjustments [4][5]. - There are expectations for potential monetary policy easing, including interest rate cuts, to stimulate economic growth in response to recent declines in investment, consumption, and industrial production [5]. - The regulatory authorities may consider lowering the 5-year LPR to address high residential mortgage rates and stimulate housing market demand [5].